Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for each of thecompany's first five transactions. Analyze the accounting equation for each transaction and match the given transaction with its mostlikely description.Transaction1.2.3.4.5.Transaction1.2.3.4.5.Cash$ 3,00011,00011,0007,00049,000++++++AccountsReceivable$008,0008,0008,000AssetsSupplies++++++$0005,0005,000++++++EquipmentDescription$00000---LiabilitiesAccountsPayable$0001,0001,000Zen,+ Capital+++++Equity+$ 3,0003,0003,0003,00045,000 +++++Revenues$08,00016,00016,00016,000

Name: Zen began a new consulting firm on January 5. The accounting equation
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Description: Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for each of thecompany's first five transactions. Analyze the accounting equation for each transaction and match the given transaction with

The accounting equation is considered as foundation of the double-entry accounting system. The…

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Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for each of the company's first five transactions. Analyze the accounting equation for each transaction and match the given transaction with its most likely description. Transaction 12345 5. 1. 2. 3. 4. 5. Transaction 1. 2. 3. 4. Cash $ 3,000 11,000 11,000 7,000 49,000 + + + + + + Accounts Receivable $0 0 8,000 8,000 8,000 Assets Supplies + + + + + + $0 0 0 5,000 5,000 + + + + + + Equipment Description $0 0 0 0 0 - - Liabilities Accounts Payable $0 0 0 1,000 1,000 + + + + + + Equity Zen, + Capital $ 3,000 + 3,000 3,000 3,000 45,000 + + + + Revenues $0 8,000 16,000 16,000 16,000

Zen began a new consulting firm on January 5. The accounting equation showed the following financial summary for each of the company's first five transactions. Analyze the accounting equation for each transaction and match the given transaction with its most likely description. Transaction 12345 5. 1. 2. 3. 4. 5. Transaction 1. 2. 3. 4. Cash $ 3,000 11,000 11,000 7,000 49,000 + + + + + + Accounts Receivable $0 0 8,000 8,000 8,000 Assets Supplies + + + + + + $0 0 0 5,000 5,000 + + + + + + Equipment Description $0 0 0 0 0 - - Liabilities Accounts Payable $0 0 0 1,000 1,000 + + + + + + Equity Zen, + Capital $ 3,000 + 3,000 3,000 3,000 45,000 + + + + Revenues $0 8,000 16,000 16,000 16,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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